Revenue and Profit Performance - Revenue from shipping and logistics business decreased by 17% to approximately HKD 20,432,000 compared to HKD 24,594,000 in the same period last year[5] - Gross profit from shipping and logistics business decreased by 76% to approximately HKD 2,488,000 compared to HKD 10,350,000 in the same period last year[5] - Revenue from telecommunications-related business decreased by 92% to approximately HKD 2,437,000 compared to HKD 29,129,000 in the same period last year[9] - Gross loss from telecommunications-related business was approximately HKD 52,000, compared to a gross profit of HKD 6,054,000 in the same period last year[9] - Total revenue from continuing operations decreased by 57% to approximately HKD 22,869,000 compared to HKD 53,723,000 in the same period last year[13] - Loss from continuing operations increased by 198% to approximately HKD 35,898,000 compared to HKD 12,059,000 in the same period last year[13] - Revenue for the six months ended June 30, 2024, was HK$22.869 million, a significant decrease from HK$53.723 million in the same period in 2023[39] - Gross profit for the period was HK$2.436 million, down from HK$16.404 million in 2023[39] - Loss from continuing operations before tax was HK$35.898 million, compared to a loss of HK$12.059 million in 2023[39] - Profit from discontinued operations was HK$13.686 million, slightly higher than HK$12.124 million in 2023[40] - Total comprehensive loss for the period was HK$22.272 million, compared to a loss of HK$408,000 in 2023[40] - Revenue from chartering decreased to HKD 20.432 million in 2024 from HKD 24.594 million in 2023, a decline of approximately 16.9%[51] - Telecommunications service revenue dropped significantly to HKD 2.437 million in 2024 from HKD 29.129 million in 2023, a decrease of approximately 91.6%[51] - Total revenue from continuing operations fell to HKD 22.869 million in 2024 from HKD 53.723 million in 2023, a decline of approximately 57.4%[51] - Other income decreased to HKD 363,000 in 2024 from HKD 1.135 million in 2023, a decline of approximately 68%[52] - The shipping and logistics segment (continuing operations) reported a loss of HKD 5.538 million in 2023[56] - The telecommunications-related business segment reported a profit of HKD 1.661 million in 2023[56] - Revenue from discontinued operations (shipping and logistics) was 24,779 thousand HKD in the first half of 2024, slightly higher than the 24,375 thousand HKD recorded in the same period of 2023[66] - The company reported a net loss attributable to owners of 35,370 thousand HKD from continuing operations in the first half of 2024, compared to a loss of 11,973 thousand HKD in the same period of 2023[67] Asset and Liability Changes - Cash and bank balances increased to HKD 15,182,000 as of June 30, 2024, compared to HKD 14,517,000 on December 31, 2023[14] - Net current assets rose to HKD 95,628,000 as of June 30, 2024, up from HKD 50,480,000 on December 31, 2023[14] - Current ratio improved to 419% as of June 30, 2024, compared to 332% on December 31, 2023[14] - Debt-to-equity ratio increased to 20% as of June 30, 2024, up from 14% on December 31, 2023[14] - The company holds listed equity investments with a fair value of HKD 24,504,000, representing approximately 12% of total assets as of June 30, 2024[16] - Total assets for continuing operations in shipping and logistics increased to HKD 81.232 million in 2024 from HKD 78.644 million in 2023[57] - Total assets for the telecommunications-related business increased to HKD 15.066 million in 2024 from HKD 13.236 million in 2023[57] - Total consolidated assets decreased to HKD 204.248 million in 2024 from HKD 219.949 million in 2023[57] - Total liabilities increased to 33,445 thousand HKD as of June 30, 2024, up from 26,874 thousand HKD at the end of 2023, primarily driven by higher liabilities in the shipping and logistics segment (6,100 thousand HKD) and telecom-related business (6,508 thousand HKD)[59] - Non-current assets in Hong Kong decreased to 9,481 thousand HKD as of June 30, 2024, compared to 12,555 thousand HKD at the end of 2023, while non-current assets in China dropped significantly to 80 thousand HKD from 569 thousand HKD[60] - Non-current assets decreased to HK$78.635 million from HK$147.712 million at the end of 2023[42] - Cash and cash equivalents at the end of the period were HK$15.182 million, down from HK$19.190 million in 2023[45] - Trade and other receivables decreased to HK$19,046,000 as of June 30, 2024, from HK$22,383,000 as of December 31, 2023[72] - The company held HK$24,504,000 in listed securities as of June 30, 2024, compared to HK$35,418,000 as of December 31, 2023[76] - Trade payables increased to HK$5,884,000 as of June 30, 2024, from HK$2,409,000 as of December 31, 2023[77] - The company's vessel-related deposits decreased to HK$4,111,000 as of June 30, 2024, from HK$12,529,000 as of December 31, 2023[72] - The fair value of financial assets measured at fair value through profit or loss (Level 1) was HKD 24,504 thousand as of June 30, 2024, down from HKD 35,418 thousand as of December 31, 2023[87] Cash Flow and Financing Activities - Net cash generated from operating activities was HK$5.987 million, compared to a net cash outflow of HK$3.228 million in 2023[45] - Net cash used in investing activities was HK$3.802 million, compared to a net cash inflow of HK$3.711 million in 2023[45] - Net cash used in financing activities was HK$1.520 million, compared to a net cash inflow of HK$620,000 in 2023[45] - Net cash inflow from operating activities of discontinued operations increased to 846 thousand HKD in the first half of 2024, up from 678 thousand HKD in the same period of 2023[67] - The company had no outstanding margin financing as of June 30, 2024, compared to HK$1,932,000 as of December 31, 2023[75] - The imputed interest expense related to the 2020 convertible bonds was zero for the six months ended June 30, 2024, compared to HKD 1,908,000 for the same period in 2023[84] - Amounts payable to Dongyang, the ultimate holding company, increased to HKD 10,800,000 as of June 30, 2024, from HKD 7,000,000 as of December 31, 2023[85] Employee and Management Costs - Total number of full-time employees decreased to 17 as of June 30, 2024, compared to 40 on December 31, 2023[24] - Employee costs (including directors' remuneration) amounted to HKD 14,530,000 for the period ending June 30, 2024, compared to HKD 14,950,000 for the same period in 2023[24] - Employee costs, including director remuneration, increased to 14,530 thousand HKD in the first half of 2024, up from 14,950 thousand HKD in the same period of 2023[64] - The total remuneration for key management personnel (directors only) was HKD 2,865 thousand for the six months ended June 30, 2024, compared to HKD 2,508 thousand for the same period in 2023[83] - Consulting fees payable to Chuang Sheng Financial Public Relations Limited, beneficially owned by Mr. Ng Kin Sin, a director of several subsidiaries, amounted to HKD 300,000 for the six months ended June 30, 2024, down from HKD 360,000 in the same period in 2023[83] Shareholder and Equity Information - The company's total issued shares stood at 1,994,975,244 as of June 30, 2024[15] - Mr. Peng Yue holds 1,400,000,000 shares, representing approximately 70.18% of the issued shares through his controlled company, Dongyang Group Limited[30] - Dongyang Group Limited, as the beneficial owner, holds 1,400,000,000 shares, representing approximately 70.18% of the issued shares[32] - No share options were granted, exercised, canceled, or lapsed under the 2018 Share Option Scheme during the review period[34] - The company maintained sufficient public float during the six months ended June 30, 2024[37] - No listed securities of the company were purchased, sold, or redeemed by the company or any of its subsidiaries during the review period[38] - The company's issued and fully paid share capital remained at 1,994,975,244 shares as of June 30, 2024[81] Operational and Strategic Changes - The company agreed to sell a vessel for USD 9,500,000 (equivalent to HKD 74,100,000), with the transaction expected to be completed in August 2024[9][10] - The company will operate one dry bulk carrier after the sale of the vessel and has taken measures to reduce operating costs[11] - The company agreed to sell a vessel for USD 9,500,000 (equivalent to HKD 74,100,000) on May 23, 2024[18] - The company agreed to sell a vessel (M/V Clipper Panorama) for USD 9.5 million (approximately 74,100 thousand HKD), with delivery expected in August 2024[66] Other Financial and Operational Notes - The company has no contingent liabilities or capital commitments as of June 30, 2024[21][22] - Basic and diluted loss per share from continuing operations was 1.77 HK cents, compared to 0.64 HK cents in the same period last year[13] - Basic and diluted earnings per share from discontinued operations was 0.69 HK cents, compared to 0.65 HK cents in the same period last year[13] - Diluted loss per share for the six months ended June 30, 2024, was (1.77) HK cents, compared to (0.64) HK cents for the same period in 2023[70] - The company did not declare or pay any dividends for the six months ended June 30, 2024, and 2023[71] - Goodwill remained unchanged at HK$1,026,000 as of June 30, 2024, with no impairment losses recorded during the period[72] - The company's other receivables included HK$1,299,000 bearing interest at 10% per annum, due for repayment in October 2024[74] - Financial costs for continuing operations decreased to 263 thousand HKD in the first half of 2024, compared to 2,442 thousand HKD in the same period of 2023, mainly due to lower interest expenses on other borrowings and convertible bonds[62] - Depreciation of property, plant, and equipment for continuing operations totaled 2,457 thousand HKD in the first half of 2024, slightly higher than the 2,209 thousand HKD recorded in the same period of 2023[64] - Revenue from China in the telecom-related business declined sharply to 2,437 thousand HKD in the first half of 2024, down from 29,129 thousand HKD in the same period of 2023[61]
亚洲能源物流(00351) - 2024 - 中期财报